CME to launch bitcoin futures

Dianna Christensen
November 3, 2017

The popular cryptocurrency managed to hit a new record price of $6915 and a market cap valuation of over $115 billion at the time of writing.

Despite the gains this year and so many loving the cryptocurrency, bitcoin also has some spectics, including JPMorgan CEO Jamie Dimon and Larry Fink, the CEO of Blackrock.

Bitcoin has continued to defy a large number of analysts and a huge amount of scepticism, with the digital currency having reached a record high of $7,000. Many cryptocurrency investors are feeling euphoric since the cryptocurrency market hit a total valuation of over $188 billion for the first time ever.

"Given increasing client interest in the evolving cryptocurrency markets, we have made a decision to introduce a bitcoin futures contract", Terry Duffy, CME Group chairman and CEO, said in a statement. Many people have hesitated to invest in the digital currency because it isn't properly regulated and there aren't enough protections for investors.

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The futures contract will be based on the CME CF Bitcoin Reference Rate (BRR) that the firm launched in November of previous year in partnership with Crypto Facilities.

The creation of Bitcoin futures is a key development for cryptocurrency trading that can be used by institutional investors, who at the moment have few opportunities to trade the digital currency. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high. That, however, is not stopping many from speculating where they believe the currency will be.

The bitcoin has seen several increments in the price with every favorable regulation announced. Bitcoin has grown leaps and bounds in terms of value in recent months, with 200 per cent growth during the course of past seveen weeks alone.

"The BRR has proven to reliably and transparently reflect global bitcoin-dollar trading and has become the price reference of choice for financial institutions, trading firms and data providers worldwide", Schlaefer said.

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